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1205-E-Grant-Line-Rd-Tracy-CA
CaliforniaDevelopmentIndustrialWestern

CBRE Global Investors, Trammell Crow to Develop 606,343 SF Logistics Facility in Northern California

by Amy Works

TRACY, CALIF. — CBRE Global Investors has purchased a 29.3-acre site located at 1205 E. Grant Line Road in Tracy for the development of a logistics center. The investment firm will partner with Trammell Crow Co. to develop the 606,343-square-foot facility. Construction is slated to begin in early 2022, with completion scheduled for first quarter 2023. The distribution facility will feature 40-foot clear heights, 185-foot truck courts, 56-foot by 60-foot column spacing, LED and sky lighting and an ESFR sprinkler system. HPA is serving as architect of record and Big-D Construction is the general contractor.

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Waterscape-Apts-Fairfield-CA
AcquisitionsCaliforniaMultifamilyWestern

Opportunity Housing Group, CSCDA Acquire Waterscape Apartments in Fairfield, California for $70M

by Amy Works

FAIRFIELD, CALIF. — Opportunity Housing Group and the California Statewide Communities Development Authority (CSCDA) have partnered to purchase Waterscape Apartments, a multifamily property located at 3001 N. Texas St. in Fairfield. A joint venture between Angelo Gordon and Glencrest Group sold the asset for $70 million. The 180-unit community will offer rents reduced to be affordable to low- to moderate-income individuals and families. On-site amenities includes a swimming pool, spa, picnic area with barbecue grills, a fireplace with lounge seating, package concierge, clubhouse, business center, fitness center, playground, dog park, gated access and 326 open, covered and garage parking spots. Opportunity Housing Group is a Danville-based company focused on creating workforce housing in California. The company acquired the property in partnership with CSCDA using CSCDA’s Workforce Housing Program. Under this structure, middle-income workers, including teachers, first responders, civil employees and others, are offered discounted rents at the property that align with their incomes and have capped annual increases. Salvatore Saglimbeni, Philip Saglimbeni, Stanford Jones and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.

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Falcon-Park-303
ArizonaDevelopmentIndustrialWestern

US Capital Development Breaks Ground on 599,468 SF Spec Industrial Project in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — St. Louis, Mo.-based US Capital Development has broken ground on its first development in Arizona. The first phase of Falcon Park 303 will comprise a 599,468-square-foot speculative industrial building on 36.7 acres along Camelback Road at 152nd Avenue in Glendale. The building will feature 40-foot clear heights, 92 dock-height loading doors and four drive-in loading doors. The building, which is divisible by half, is slated for completion by August 2022. The project team includes Willmeng Construction, Gray Design Group and Hilgart Wilson. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield are handling leasing for the development.

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The-Monterey-Corona-CA
AcquisitionsCaliforniaMultifamilyWestern

Partnership Buys 442-Unit Monterey Multifamily Community in Corona, California

by Amy Works

CORONA, CALIF. — An investment group led by Ocean West Capital Partners, Tiger Alternative Investors and NH Investment & Securities has purchased The Monterey, a newly built apartment property in Corona. Completed in 2021, The Monterey features 442 apartments in a mix of one-, two- and three-bedroom units ranging from 726 square feet to 1,520 square feet. Community amenities include two resort-style swimming pools; clubhouses with roof decks; fitness, yoga and spin studios; co-working space with conference rooms and soundproof privacy pods; an outdoor movie theater; and a community garden and citrus orchard. Camden Pacific Partners is also a part of the consortium that owns the property. The seller and price were not disclosed.

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Arrive-Apts-Sound-Hotel-Seattle-WA
HospitalityLoansMixed-UseMultifamilyWashingtonWestern

Gantry Secures $102.7M Refinancing for Arrive Apartments, Sound Hotel Tower in Seattle

by Amy Works

SEATTLE — Gantry has secured $102.7 million in permanent financing from life company sources to retire and replace construction financing for The Arrive Apartments and The Sound Hotel in Seattle. Situated in the Belltown neighborhood, the mixed-use, high-rise development features 344 apartments above the 142-key Sound Hotel. George Mitsanas, Josh Natker and Pat Taylor of Gantry secured the loan on behalf of the undisclosed property owners.

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Wesley-Tehaleh-Bonney-Lake-WA
DevelopmentMultifamilySeniors HousingWashingtonWestern

Ryan Cos. Completes 405,992 SF Seniors Housing Property in Bonney Lake, Washington

by Amy Works

BONNEY LAKE, WASH. — Wesley Homes, Presbyterian Homes & Services (PHS) and Ryan Cos. US have completed construction of Wesley at Tehaleh, a 405,992-square-foot senior living community within the master-planned community of Tehaleh by Newland in Bonney Lake, a suburb of Seattle. The two-building property sits on 16.8 acres and features 18 memory care apartments, 168 independent living apartments and 42 “catered living” apartments. “This new community has been in the works for over three years,” says Kevin Anderson, president and CEO of Wesley. CGA was architect on the project. The 4,700-acre, master-planned Tehaleh development has flourished over the past decade and has seen an increased demand for senior living.

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Affordable HousingCaliforniaLoansMultifamilyWestern

Greystone Provides $20.1M Fannie Mae Loan for Affordable Housing Purchase in California

by Amy Works

CHICO, CALIF. — Greystone has provided a $20.1 million Fannie Mae DUS loan for the acquisition of Cedar Village Apartments, an affordable multifamily property in Chico. Scott Wallace of Greystone originated the loan for the undisclosed borrower. Built in 1979, Cedar Village Apartments features 10 two-story buildings offering a total of 116 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a laundry room, playground and business center. Cedar Village Apartments is a section 8 HAP property. The loan carries a 15-year term at a fixed rate with a 35-year amortization schedule.

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Atwater-Marketplace-Atwater-CA
AcquisitionsCaliforniaRestaurantRetailWestern

Phillips Edison Sells 96,224 SF Atwater Marketplace in Central California

by Amy Works

ATWATER, CALIF. — Phillips Edison & Co. has completed the disposition of Atwater Marketplace, a shopping center located at 1601-1853 Bellevue Road in Atwater. A Los Angeles-based private investor acquired the property for an undisclosed price. Kevin Fryman and Eric Wohl of Hanley Investment Group represented the seller, while Brett Visintainer of Visintainer Group of Fresno represented the buyer in the deal. The 96,224-square-foot Atwater Marketplace was 100 percent occupied at the time of sale. Current tenants include Save Mart, CVS/pharmacy, Ace Cash Express, Baskin Robbins, Chase, Chinese Kitchen, Freeway Insurance, GameStop, Great Clips, Merco Credit Union, Rebobank, RE/MAX, Roundtable Pizza and Sourdough & Co.

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2680-S-2000-E-Salt-Lake-City-UT
AcquisitionsNet LeaseRetailUtahWestern

SRS Brokers $3.1M Sale of Maverick-Occupied Gas Station/Convenience Store in Salt Lake City

by Amy Works

SALT LAKE CITY — SRS Real Estate Partners has arranged the sale of a gas station and convenience store property located at 2680 S. 2000 E in Salt Lake City. A Texas-based private investor and developer sold the asset to a Utah-based private independent petroleum marketer for $3.1 million. Maverick, an independent fuel marketer, occupies the 3,024-square-foot property. Built in 1983 and renovated in 2018, the property features an eight-pump gas station and high-volume convenience store. Jack Cornell, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the deal.

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The-Artise-Bellevue-Washington
LoansOfficeTop StoriesWashingtonWestern

JLL Arranges $468.7M Construction Loan for Amazon-Leased Office Tower in Metro Seattle

by Taylor Williams

BELLEVUE, WASH. — JLL has arranged a $468.7 million construction loan for The Artise, a 25-story office tower that will be located in the Seattle suburb of Bellevue. The 609,000-square-foot building is 100 percent preleased to a global e-commerce tenant, which Bloomberg reports is Amazon. New York City-based global investment firm KKR provided the loan to the borrower, a joint venture between developer Schnitzer West and Boston-based The Baupost Group. Specific loan terms were not disclosed. Slated for a fourth-quarter 2023 completion, The Artise will house 4,783 square feet of retail space and 1,158 parking spaces. The building’s location at 788 106th Ave. in the downtown area puts it one block north of Bellevue’s main pedestrian corridor and the site of the future East Link Light Rail extension. Additionally, The Artise will be located two blocks from Bellevue Transit Center and three blocks from the Interstate 405. Global architecture firm NBBJ designed the building, which will seek LEED Gold certification. Mike Tepedino, Geoff Goldstein and Tom Wilson of JLL arranged the debt. “The Artise will cultivate Bellevue’s position as a critical business hub in the Puget Sound area and deliver in-demand, Class A office space with features that allow the …

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